BMO Global Metals and

Mining Conference

February 2013

Disclaimer

Certain statements included in this presentation, as well as oral statements that may be made by

Sibanye Gold, or by officers, directors or employees acting on their behalf related to the subject matter

hereof, constitute or are based on forward-looking statements. Forward-looking statements are

preceded by, followed by or include the words “may”, “will”, “should”, “expect”, “envisage”, “intend”,

“plan”, “project”, “estimate”, “anticipate”, “believe”, “hope”, “can”, “is designed to” or similar phrases.

These forward looking statements involve a number of known and unknown risks, uncertainties and other

factors, many of which are difficult to predict and generally beyond the control of Sibanye Gold, that

could cause Sibanye Gold‘s actual results and outcomes to be materially different from historical results

or from any future results expressed or implied by such forward-looking statements. Such risks,

uncertainties and other factors include, among others, Sibanye Gold’s operations, Sibanye Gold’s ability

to implement its strategy and any changes thereto, Sibanye Gold’s future financial position and plans,

strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing

plans, as well as projected level of gold price and other risks. Sibanye Gold undertakes no obligation to

update publicly or release any revisions to these forward-looking statements to reflect events or

circumstances after the date of this presentation or to reflect any change in Sibanye Gold’s

expectations with regard thereto.

2

Focused on what gold investors want…

• Leverage to the gold price

• Free cash flow is the primary performance measure

• Capital expedience and discipline

• Being biggest is irrelevant, unless its cashflow per ounce or per

share

• Dividends and capital appreciation

Maximise cash flow and return cash back to investors as dividends 3

Contact Details

Libanon Business Park

1 Hospital Road (off Cedar Avenue)

Libanon, Westonaria, 1779

South Africa

Neal Froneman Tel: +27 11 278 9600

CEO

e-mail: neal.froneman@sibanyegold.co.za

James Wellsted Tel: +27 11 278 9600

Corporate Affairs

e-mail: james.wellsted@sibanyegold.co.za

Corporate information

Shares in Issue* 731 648 614

Listings

• JSE Limited

Share code (“SGL”)

• New York Stock Exchange

ADR programme

Share Code (“SBGL”)

Debt ZAR4 Billion bridging facility

Major GFI shareholders *

Geographic Distribution *

* Source Thomson Reuters 28 December 2012

First Eagle Investment

Management LLC 6.92%

Investec Asset Management (Pty)

Ltd. 6.74%

Van Eck Associates Corporation 4.76%

* Source Thomson Reuters 28 December 2012

4 Unhedged exposure to the gold price

Creation of Sibanye Gold

• Creation of Sibanye Gold

GFIMSA

Kloof and Driefontein

Complex (KDC)

Beatrix

Goldfields

Tarkwa (Ghana)

Damang (Ghana)

St Ives (Australia)

Agnew (Australia)

Cerro Corona (Peru)

Growth Projects

South Deep Project

Shareholders

5 Fully independent and maintain BBBEE status

Location of assets

The Witwatersrand basin – one of the world’s largest gold resources 6

Resource and Reserve Statement* (31 December 2012) MINERAL Tonnes Grade Gold

Content

RESOURCE (Mt) (g/t) (Moz)

Underground

MEASURED

Beatrix 18.5 7.1 4.3

KDC West 22.7 13.9 10.2

KDC East 16.9 14.5 7.9

Total Measured 58.1 11.9 22.3

INDICATED

Beatrix 18.6 6.7 4.0

KDC West 37.0 10.0 11.9

KDC East 68.7 10.0 22.1

Total Indicated 124.3 9.5 38.0

Total Measured and

Indicated

182.4 10.3 60.3

INFERRED

KDC East 17.7 16.8 9.6

Total Inferred 17.7 16.8 9.6

TOTAL UNDERGROUND

RESOURCE

200.1 10.9 69.9

Surface

Total Indicated 34.9 0.5 0.6

Total Measured 371.6 0.3 3.7

TOTAL SURFACE

RESOURCE

406.5 0.3 4.4

TOTAL RESOURCE 606.6 3.8 74.2

Includes below infrastructure – KDC 28.9 Moz 7

* Source CPR - Mineral Resource is calculated at ZAR420,000/kg

*Source CPR - Mineral Reserve is calculated at ZAR380,000/kg

MINERAL Tonnes Grade Gold

Content

RESERVE (Mt) (g/t) (Moz)

Underground

PROVED

Beatrix 9.6 4.7 1.5

KDC West 7.1 7.9 1.8

KDC East 10.8 9.9 3.4

Total Proved 27.5 7.5 6.7

PROBABLE

Beatrix 14.4 4.0 1.9

KDC West 10.5 7.2 2.4

KDC East 9.6 6.6 2.0

Total Probable 34.5 5.7 6.3

TOTAL UNDERGROUND

RESERVE

62.0 6.5 13.0

Surface Dumps

Total Probable 27.2 0.6 0.5

TOTAL SURFACE RESERVE 27.2 0.6 0.5

TOTAL RESERVE 89.2 4.7 13.5

Does not include surface tailings of 2.9 Moz

CPR production profile - ounces

Source: GFI 2013 operational plans as per CPR

One of the largest producers of gold in South Africa 8

Annual production ranking

Source : Company data, QR Research

A top 10 gold producer – based on most recent company AFS 9

CPR free cash flow

A significant base to pay dividends and grow the company

Source: GFI 2013 operational plans as per CPR at a gold price of R450,000/kg (R8.75/$ and $1 600/oz)

10

CPR NPV* sensitivities US$ (millions)

Excludes the below infrastructure resource study production

Source: SRK CPR data, QR Research

11

* Sum of discounted

operating cash flows

without debt/liability

consideration using

US$1,600/oz and

R8.75/US$

Discount rate (Real) 5.00% 7.50% 10.00%

0.80 969 830 716

0.90 1 982 1 726 1 518

1.00 2 964 2 593 2 290

1.10 3 946 3 460 3 062

1.20 4 928 4 327 3 835

5.00% 7.50% 10.00%

0.80 4 240 3 722 3 298

0.90 3 602 3 157 2 794

1.00 2 964 2 593 2 290

1.10 2 326 2 029 1 786

1.20 1 680 1 457 1 275

5.00% 7.50% 10.00%

0.80 3 059 2 679 2 369

0.90 3 012 2 636 2 330

1.00 2 964 2 593 2 290

1.10 2 916 2 550 2 251

1.20 2 869 2 506 2 211

Cap

exG

old

Pri

ceO

pex

Valuation dilemma

12

Source: QR Research

Average = 30% of

GFI pre-unbundling * Includes 2.9 Moz of Feasibility Study surface tailings

Sibanye Gold pre-unbundling: 30% of Gold Fields’ market capitalisation ($2.6Bn)

Operational challenges

Strategy defined to reverse these trends 13

Operating strategy

SIBANYE GOLD

Reduce

costs and

paylimits

Increase flexibility

Increase margins

Optimise ALL capital including balance sheet

Strong cash flows

Robust

Dividends

Premium rating

Strategic review complete by June 2013 with 18 month turnaround 14

Cost Benchmarking

Source: Company Quarterly Reports (Sep 2012), QR Research

Significant opportunity to reduce KDC costs 15

23.4

47.3

18.1

11.2

Cost drivers*

* As a percentage of working cost including ORD. Assumes

16% electricity cost increase pa to 2017

9.2

55.6

17.5

17.7

16.1

51.7

19.8

12.3

Electricity Labour Stores Other

2007 2012 2017

Labour and electricity costs remain a key focus area 16

Reduce unit costs

• Labour Costs – Reduced overheads post the Sibanye unbundling

– Reduce layers of management

– Combine regional and corporate functions

– Streamline shared and commercial services

– Rightsize the organization to current production levels

• Electricity Costs – Reduce the dependence on inefficient utilities (compressed air)

– Vigorously opose electricity price increases

– Continious initiatives to reduce electric power consumption

17 Significant opportunity to reduce Kloof and Driefontein unit costs

Electricity cost reduction initiatives

Main fan guide

vane clipping

Energy awareness

Compressed air

control valves

Water control

valves

Pump efficiency

monitoring

Water quality drives

A 16% (83MW) saving from 2007 18

Increase mining effectiveness and volume

• Flatten the organizational structure

• Create additional face length from existing resources by lowering

the paylimit

• Large, lower grade, secondary reef potential – Middlevlei, Kloof

and Libanon Reefs

• Focus on old gold accumulations

• Re-assess high grade pillar targets that can be safely mined

• Maximise plant utilization by treating surface rock dumps

• Fast track surface tailings opportunity (2.9 Moz)

• Increase underground productivity with revised work

arrangements

Focus on safe quality production basics 19

Conclusion

• Experienced, mining focused, management team

• World class assets with long life potential and strong cash flows

• Existing strong cash flows to underpin a solid dividend policy

• Broad stakeholder support for a proudly South African initiative

• Strategy to improve declining production trends and materially optimise extraction of reserves and resources by lowering costs

and improving the organisational effectiveness

• First mover advantage and regional synergies provide leverage to low cost growth

Sibanye – “We are One” 20